Citic Press(SZ:300788) Xin Lang Cai Jing·2025-10-30 11:26Core Viewpoint - Citic Publishing has demonstrated strong operational capabilities during the industry's downturn, supported by its ongoing digital strategy and a three-pronged growth model of "Publishing + Services + Consumption" [6] Group 1: Company Overview - Citic Publishing, established on February 16, 1993, and listed on the Shenzhen Stock Exchange on July 5, 2019, is a leading player in China's publishing industry, focusing on book publishing and distribution, bookstore retail, and other cultural value-added services [1] - The company has a rich content resource and advantages in digital publishing technology [1] Group 2: Financial Performance - For Q3 2025, Citic Publishing reported revenue of 1.241 billion yuan, ranking 10th in the industry, with the top competitor, Anhui Xinhua Media, generating 6.851 billion yuan [2] - The company's net profit for the same period was 161 million yuan, ranking 8th in the industry, with Anhui Xinhua Media leading at 963 million yuan [2] - The main business segments include book publishing and distribution (655 million yuan, 72.06%), urban cultural space operations (154 million yuan, 16.97%), and digital services (99.325 million yuan, 10.97%) [2] Group 3: Financial Ratios - As of Q3 2025, Citic Publishing's debt-to-asset ratio was 31.55%, down from 32.88% year-on-year, which is lower than the industry average of 32.11%, indicating strong solvency [3] - The company's gross profit margin was 40.53%, up from 39.19% year-on-year, exceeding the industry average of 30.79%, reflecting good profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 15.01% to 13,600, while the average number of circulating A-shares held per account increased by 17.66% to 14,000 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 1.1151 million shares, a decrease of 223,100 shares from the previous period [5] Group 5: Strategic Highlights - Citic Publishing maintained a market share of 3.06% in the national book retail market in the first half of 2025, ranking first among individual publishers, with leading positions in several core categories, including anime and gaming books [6] - The company accelerated its digital publishing efforts, adding over 220 enterprise-level knowledge service clients in the first half of 2025, and its Citic Academy App achieved over 130 million content dissemination [6] - The company is enhancing consumer integration through improved product selection and user engagement in its bookstores, with plans for new store openings and IP retail trials [6] - Projected net profits for 2025-2027 are 171 million, 192 million, and 212 million yuan, with corresponding EPS of 0.90, 1.01, and 1.11 yuan, and current stock prices reflecting PE ratios of 34, 31, and 28 times [6]